Newmont Goldcorp (NYSE:NEM) Price Target Raised to $46.00 at Citigroup

Newmont Goldcorp (NYSE:NEM) had its price objective increased by Citigroup from $44.00 to $46.00 in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the basic materials company’s stock.

A number of other equities research analysts have also weighed in on NEM. TheStreet upgraded shares of Newmont Goldcorp from a c+ rating to a b- rating in a research note on Friday, July 5th. Deutsche Bank set a $41.00 target price on shares of Newmont Goldcorp and gave the company a hold rating in a research note on Thursday, July 11th. B. Riley upped their price objective on Newmont Goldcorp from $35.10 to $45.40 and gave the stock a neutral rating in a research note on Monday. Barclays restated a buy rating and issued a $44.00 price objective on shares of Newmont Goldcorp in a research note on Sunday, August 4th. Finally, Royal Bank of Canada upgraded Newmont Goldcorp from an underperform rating to a sector perform rating and set a $45.00 price objective for the company in a research note on Monday. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Newmont Goldcorp presently has an average rating of Buy and a consensus target price of $43.56.

NEM traded down $0.06 during mid-day trading on Wednesday, reaching $38.66. 8,739,098 shares of the company traded hands, compared to its average volume of 10,190,073. The stock has a market capitalization of $31.21 billion, a P/E ratio of 28.64 and a beta of -0.03. The company has a quick ratio of 1.38, a current ratio of 1.83 and a debt-to-equity ratio of 0.30. The company’s fifty day moving average price is $38.69 and its 200-day moving average price is $35.73. Newmont Goldcorp has a 52-week low of $29.06 and a 52-week high of $41.23.



Newmont Goldcorp (NYSE:NEM) last announced its earnings results on Thursday, July 25th. The basic materials company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Newmont Goldcorp had a negative net margin of 1.03% and a positive return on equity of 4.79%. Newmont Goldcorp’s quarterly revenue was up 35.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. As a group, sell-side analysts forecast that Newmont Goldcorp will post 1.37 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $0.56 annualized dividend and a dividend yield of 1.45%. Newmont Goldcorp’s dividend payout ratio (DPR) is 41.48%.

In related news, President Thomas Ronald Palmer sold 16,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $35.89, for a total value of $574,240.00. Following the completion of the transaction, the president now owns 256,823 shares of the company’s stock, valued at approximately $9,217,377.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nancy Lipson sold 5,055 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $36.00, for a total transaction of $181,980.00. Following the completion of the transaction, the executive vice president now directly owns 37,935 shares of the company’s stock, valued at approximately $1,365,660. The disclosure for this sale can be found here. Insiders sold a total of 93,970 shares of company stock valued at $3,595,725 over the last 90 days. 0.44% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. River & Mercantile Asset Management LLP bought a new position in Newmont Goldcorp in the 2nd quarter worth $2,821,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Newmont Goldcorp by 57.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 283,278 shares of the basic materials company’s stock worth $10,898,000 after buying an additional 103,159 shares during the period. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Newmont Goldcorp in the 2nd quarter worth $1,210,000. Boston Partners boosted its holdings in Newmont Goldcorp by 32.0% in the 2nd quarter. Boston Partners now owns 78,975 shares of the basic materials company’s stock worth $3,038,000 after buying an additional 19,163 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in Newmont Goldcorp by 64.6% in the 2nd quarter. Toronto Dominion Bank now owns 917,223 shares of the basic materials company’s stock worth $35,266,000 after buying an additional 359,953 shares during the period. 80.40% of the stock is owned by institutional investors.

About Newmont Goldcorp

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.

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Analyst Recommendations for Newmont Goldcorp (NYSE:NEM)

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